Gems and Jewellery Export Promotion Council has welcomed the reduction of GST rate on Diamonds & Precious Stones from 3% to 0.25%. In a statement issued in Surat on behalf of the Gems & Jewellery trade fraternity has welcomed the announcement made by GST Council. <br/><br/>The Chairman of Gems and Jewellery Export Promotion Council Mr. Pramod Agarwal has said that this move will certainly support the SMEs of the sector and small players including brokers, agents, and traders to function smoothly without blockage of working capital. <br/><br/>Looking at the six million plus jobs that this sector accounts for and the 43.2 billion dollar exports out of the country, this reduction in GST rate will definitely help the industry to grow further. <br/><br/>Given the high price of the products where around 80% – 95% of the content is imported component and more than 90% being exported, this will be a great boost to the Indian Gems and Jewellery industry. He said that reforms like these will help India to become global leader in Gems and Jewellery.